01643cam a22002417 4500001000600000003000500006005001700011008004100028100002600069245014400095260006600239490004100305500001700346520065800363530006101021538007201082538003601154700002001190710004201210830007601252856003701328856003601365w0971NBER20161209083028.0161209s1982 mau||||fs|||| 000 0 eng d1 aBlanchard, Olivier J.10aAnticipations, Recessions and Policyh[electronic resource]:bAn Intertemporal Disequilibrium Model /cOlivier J. Blanchard, Jeffrey Sachs. aCambridge, Mass.bNational Bureau of Economic Researchc1982.1 aNBER working paper seriesvno. w0971 aAugust 1982.3 aThis paper presents an intertemporal disequilibrium model with rational expectations, i.e. a model in which agents anticipate the future rationally, but in which prices and wages may not adjust fast enough to maintain continuous market clearing. Therefore, optimizing firms and households base their intertemporal plans on anticipations of both future quantity constraints and future prices. Such a model shows clearly that the effect of a policy depends not only on its current values but its anticipated path, After a presentation of the model and its basic dynamics, we therefore consider the effects of various paths of fiscal policy on the economy. aHardcopy version available to institutional subscribers. aSystem requirements: Adobe [Acrobat] Reader required for PDF files. aMode of access: World Wide Web.1 aSachs, Jeffrey.2 aNational Bureau of Economic Research. 0aWorking Paper Series (National Bureau of Economic Research)vno. w0971.4 uhttp://www.nber.org/papers/w097141uhttp://dx.doi.org/10.3386/w0971